UK net exports of services jumped over the last three months driven by City firms selling their expertise abroad in their droves, according to official figures published today.
The UK’s services trade surplus climbed £4bn over the last three months, rising to £35.2bn in the third quarter, according to the Office for National Statistics (ONS).
Britain’s economy is largely dependent on its services industry to generate output, with the financial and professional services sector one of the UK’s core production engines.
“Trade in services surplus position… was strengthened by an increase in other business and financial services exports,” the ONS said.
Despite the widening services surplus, the UK’s overall trade position remained in deficit, meaning the country imported more goods and services than it exported.
The total trade balance widened £3.7bn over the last three months to £8.2bn.
A reduction in manufactured goods exports and a rise in oil and fuel imports led the trade deficit higher.
The pandemic and Brexit also weighed on UK trade, the ONS said.
“Import and export flows continue to fluctuate as global economies continue to adapt to the Covid-19 pandemic and changing processes following the UK leaving the EU,” the organisation said.